Hi ,
I was wondering if anyone has come across this when buying a property. Currently offer accepted but when contracts where recieved by my solicitor, there was 7 judgement mortgages on the property, that add up to more than the purchase price. The owner of the property is deceased, but we think the judgements are against a family member. Seemingly the vendors solicitor is looking to pay a percentage of whats owed on each judgement. how long does this process take and is it likely all parties would agree to a percentage of whats owed, as the current property market is hardly going to grow over the next few years. approx 20% more due on the property!!!
I was wondering if anyone has come across this when buying a property. Currently offer accepted but when contracts where recieved by my solicitor, there was 7 judgement mortgages on the property, that add up to more than the purchase price. The owner of the property is deceased, but we think the judgements are against a family member. Seemingly the vendors solicitor is looking to pay a percentage of whats owed on each judgement. how long does this process take and is it likely all parties would agree to a percentage of whats owed, as the current property market is hardly going to grow over the next few years. approx 20% more due on the property!!!